With the S&P/ASX 200 Index (ASX: XJO) surging above the 6,000 points level again, a number of shares have been pushing higher in recent days.
Some have pushed so hard they are now trading at record highs. Two which have achieved this feat are listed below. Here’s why they are on form right now:
Afterpay Ltd (ASX: APT)
The Afterpay share price continued its remarkable run and hit a record high of $68.62 on Thursday. This latest gain means that the payments company’s shares are now up an incredible 850% from their March low. This strong gain has been driven by its very positive performance during the pandemic, strong customer growth in the United States and the United Kingdom, international expansion options, and positive broker notes.
The latter appears to have been the catalyst for taking its shares to a new high yesterday. As I mentioned here, analysts at Citi retained their neutral rating but more than doubled their price target on Afterpay’s shares to $64.25. Citi lifted its price target after upgrading its earnings estimates to reflect strong customer growth and the acceleration of the shift to online shopping.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price rocketed 18% higher to a record high of $7.44 yesterday. This means the online homewares retailer’s shares are now up 435% from their March low. Investors were fighting to get hold of shares on Thursday after it successfully completed a $40 million share placement to institutional investors. These funds will be used to make further investments in its growth strategy, while also improving its technology, product, and service offerings.
In addition to this, it released a business update which revealed that its sales were strong again in June. Monthly gross sales to 28 June were up 130% on the prior corresponding period. This appears to have put the company in a position to deliver a bumper profit result in FY 2020.
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- Afterpay share price hits $67! Are BNPL shares in a bubble?
- Why the Afterpay share price zoomed to a new record high today
- Temple & Webster share price at an all-time high after capital raise
- Why Afterpay, Bigtincan, Dicker Data, & NIB shares are racing higher
- ASX 200 up 0.9%: Citi lifts Afterpay price target, Webjet boosts liquidity
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Temple & Webster Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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